UPDATE: Clarcor Posts 2.5% Drop In FQ4 Profit, Issues Weak 2013 Forecast

CLARCOR

reported a 2.5% drop in its fiscal fourth-quarter earnings. Clarcor expects 2013 earnings of $2.45 to $2.60 per share on sales growth of 2.5% to 4%. However, analysts expected a profit of $2.62 per share on sales growth of 5%. Clarcor's quarterly profit fell to $36.3 million, or $0.72 per share, from $37.2 million, or $0.73 per share, in the year-ago period. Its revenue declined 4.8% to $292.9 million. However, analysts were expecting earnings of $0.70 per share on revenue of $305 million. Its gross margin dropped to 34.5% from 34.8%. CLARCOR shares fell 0.97% to close at $47.16 yesterday.